I have 2 Ubuntu 17.10 systems. A couple of the press releases about this version of VLC mention hardware acceleration but I can not find it in preferences anywhere.
Anyway, one of my systems an I5(an old 2500K) with no video card plays 4K UHD without problem my I3 system with a GEForce 1050 video card can play 1080 flawlessly but gives up on 4K after a few seconds of play. Seems like there is some problem here as I feel this system should be able to play this content if in fact there is hardware acceleration. PSensor shows 95% CPU and 20% GPU utilization.